[Constitutional Amendment, Connecting the Future] Who is Park Seung, Former Governor of the Bank of Korea?

"Never Discouraged by Any Hardship, My Greatest Asset"
A Generous Donation of 4 Billion Won, Returned to Society

"Looking back on my life, I never gave up. That is the greatest asset that has made me who I am today."

Former Bank of Korea Governor Park Seung, when asked about his life philosophy, replied, "I was born as the child of a poor tenant farmer in the countryside, in an environment where I could not see even an inch ahead, but I never bent my will." Park, a leading economist who served under both progressive and conservative administrations, led South Korea's growth. Under the Chun Doo-hwan government, he was a member of the Monetary Policy Committee; during the Roh Tae-woo administration, he served as the Presidential Chief Secretary for Economic Affairs and Minister of Construction (now Ministry of Land, Infrastructure and Transport); under the Kim Young-sam government, he was chairman of the Korea Housing Corporation; and during the Kim Dae-jung and Roh Moo-hyun administrations, he served as the Governor of the Bank of Korea.

He said, "I barely graduated from high school and was accepted to the Naval Academy, but I couldn't attend because I had no money and had dependents to support. Not giving up, I studied while working at home and passed the entrance exam to Seoul National University’s College of Commerce the following year, which was another challenge for me."

Former Governor Park emphasized, "Even during high school, I worried whether I could even go to college, let alone become a future minister or governor. But I have never been discouraged by any hardship." He stated that socialization of education is essential to reduce the wealth gap in our society. "For a poor person, being poor in their generation but having children who become wealthy and social leaders is a bearable poverty," he said. "Poverty without hope is despair." Education serves as the ladder of social mobility, and therefore, he called for reforms where the state takes full responsibility for all education for low-income groups, including university education.

Former Bank of Korea Governor Park Seung is being interviewed by Asia Economy. 2025.02.21 Photo by Yoon Dong-joo

Former Governor Park recalled, "From a young age, I always prioritized organizations and society. Even if it meant personal loss, I pursued what benefited society, and I have long considered what I gained as a debt to be repaid to society. That spirit lifted me up and helped me grow."

To date, Park has donated a total of 4 billion won to society. Although he is a father of three daughters and two sons, he has long expressed his intention to donate to his children as well. He donated 1 billion won to his alma mater, Baekseok Elementary School in Gimje, Jeonbuk, and expanded its facilities. He proudly said, "Due to the severe low birthrate, among the 40 schools in Gimje, there are four schools with no applicants for new students this year, but Baekseok Elementary, with clean facilities and even restrooms for the disabled, attracts many students."

"As someone from a rural background with no basic assets, the fact that I could donate is all thanks to society," he said. "What I earn and have left over is not for my children but will all be returned to society." He emphasized 'giving first, receiving later' to his children. Park often told them, "Spirit and mind must come first, and money and possessions come later. Do not be greedy for money but be greedy for spirit."

Park, who said, "When I go to a buffet with friends and eggs are served, I put the ugliest and most deformed one on my plate. When I go to a bathhouse, I pick up the disheveled towels that no one else takes," laughed, saying, "Friends who initially thought I was strange now do the same themselves."